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TRADING UPDATES: Solid State expects higher annual revenue

30th Oct 2023 14:31

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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Avation PLC - Singapore-based passenger aircraft leasing firm - Completes sale of ATR 72-500 aircraft with manufacturer's serial number 955 which was returned to the company this month. The aircraft has now been sold and delivered to an airline based in Nepal. Chair Jeff Chatfield says: "The company is delighted to complete the export and sale of our oldest ATR 72-500. The company's strategy is to focus on new technology low carbon dioxide aircraft such as the ATR72-600 with new technology engines."

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DX Group PLC - Slough, England-based parcel delivery company - Reopens another former Tuffnells Parcels Express Ltd depot. The depot, located in Stafford, is one of the 15 depots taken on by DX from the Administrator of Tuffnells in late June. This latest opening takes the number of former Tuffnells sites to have been reopened to 13. The new depot is located on the Beacon Business Park, north-east of the Stafford town centre and comprises a 15,190 square foot facility. "It increases the capacity and capability of our Express Parcels operation, which is growing strongly, and delivers further efficiencies, environmental and customer service benefits," says Chief Executive Paul Ibbetson. "Expanding and improving the depot network underpins the continued successful delivery of our growth plans, and we look forward to reporting on further openings over the forthcoming months".

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Tissue Regenix Group PLC - Leeds, England-based medical device company - Receives approval from the Irish Health Products Regulatory Authority, allowing the company to set up a logistics hub in Ireland for the distribution of its allograft products within the European Union. The HPRA regulates medicines and devices in Ireland for the benefit of people and animals, inspecting companies and facilities which test, make or distribute health products to ensure that they comply with relevant standards and legislation. Also says it has signed an exclusive distributor contract with Spineart Espana SLU for the distribution of its allograft products in Spain. Spineart is a privately held medical device company. CEO Daniel Lee says: "Receiving HPRA approval is a great step for Tissue Regenix, as it will provide a logistics hub for the distribution of our allograft products to the European market. Following this, we are delighted to be partnering with Spineart to bring our allograft products to more customers in the EU."

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Pennpetro Energy PLC - Texas-focused oil and gas company - Completes workover of its new 100% owned Chalk Talk #1H well. Says the well has successfully been put on to test production with full time production expected later this week. Says flow rates, when the well is on pump, appear to be stabilizing at around 35 barrels of fluid per hour. "The company will report a more accurate assessment on water cut once full production to the facilities has been stabilized over the course of the next few weeks," Pennpetro says.

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RBG Holdings PLC - London-based legal and professional services firm - Reaches an agreement with its former CEO, Nicky Foulston, and her management company Velocity Venture Capital Ltd. Says this settles all outstanding matters between the parties. Says Foulston and VVC have withdrawn claims of "wrongful dismissal and breach of contract by RBG." Meanwhile, RBG has withdrawn the allegations of breach of fiduciary duty in its counterclaim. As part of settlement, RBG will pay VVC GBP500,000 to be paid in twelve equal monthly instalments. The total stated value of the claims submitted against RBG was in excess of GBP1.2 million.

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Northern Bear PLC - Newcastle, England-based building services firm - Expects to report operating profit, before amortisation and one-off costs, in the range of GBP1.7 million to GBP1.8 million for the six months ended September 30. This is up from GBP1.5 million a year. The only item expected to be classed as 'amortisation and one-off costs' in the period and prior period is a GBP6,000 adjustment for amortisation. "The group's forward order book remains strong and should support trading performance in the coming months, subject to ongoing uncertainties in the macro-economic climate in which the group operates," Northern Bear says.

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Solid State PLC - Redditch, England-based supplier & design-in manufacturer of computing, power, and communications products - Announced trading update for six months ended September 30. Reports revenue of about GBP88.0 million, up from GBP59.4 million a year ago. Expects adjusted pretax profit of "at least" GBP7.0 million, up 67% from GBP4.2 million. Says the strong revenue growth continues to be driven by delivery of more than GBP23 million of product under the initial and follow on security and defence contracts, and the full period of contribution from Custom Power. However, noted USD currency headwinds were slightly more than GBP1 million at a revenue level. Looking ahead, Solid State expects to deliver "stronger than anticipated" organic revenue growth, meaning the company is expected to be marginally ahead of current consensus revenue and adjusted pretax profit expectations for the year ending March 31.

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By Sophie Rose, Alliance News reporter

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